the tax liability resulting from true application of the tax statutes divided by the base rate as determined by the majority political party.

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Although Corporate Income Tax lacks the personal exemptions and deductions found in the individual tax, it does allow a deduction for:

Question 10 options:

	charitable contributions
	lowering the effective tax rate for corporations engaged in domestic manufacturing.
	all of the above are allowable deductions.
	ordinary and necessary costs of operating the business

Which of the following is not an advantage of income taxation?

Question 9 options:

	Income taxation entails low collection costs.
	Income is a reasonable measure of individual capacity to bear the cost of government.
	Income taxes yield substantial amount of revenue.
	Income taxation revenues remain constant when the economy contracts.

Mr. Arizona earned $107,300 (adjusted gross income) in 2017. After application of the relevant legal provisions, his taxable income was $86,362. The relevant portion of the tax table reads:

If taxable income is:

At least But less than Your tax is

86,300 86,350 22,415

86,350 86,400 22,431

86,400 86,450 22,446

Approximately what average tax rate did Mr. Davidson pay?

Question 8 options:

	21.32%
	25.97%
	3.85%
	20.91%

The marginal tax rate equals:

Question 7 options:

	the tax liability resulting from true application of the tax statutes divided by the base rate as determined by the majority political party.
	the amount by which a taxpayer’s tax would increase from an additional dollar of the tax base.
	the tax rate required, at the margin, to balance the budget.
	tax paid divided by the appropriate measure of fame.

To handle the problem of Corporate Taxation of a multi-state company

Question 2 options:

	States have implemented a zero tolerance approach.
	Only the federal government imposes corporate income tax on corporations
	each state with a corporate income tax has adopted its own income apportionment formula to determine how much of the total profit earned by a multi-state corporation it will tax.
	Corporations must always declare non-profit status as a way to get out of paying taxes.

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